San Francisco Fed President Mary Daly made a rare Good Friday appearance for a moderated discussion on the economy and monetary policy outlook. She emphasized patience:
On the economy:
On inflation:
Restrictive policy continues putting "downward pressure on inflation"Sees "very, very gradual process on inflation" requiring continued restrictive stanceInflation risks have "increased" and needs vigilant monitoringCommitted to bringing inflation back to 2% targetOn monetary policy:
"Policy is in a good place" with "no rush" to make changesSEP median projected two rate cuts this year, but could be "fewer if inflation stickier""More cuts if growth falters" showing data-dependent approachEmphasizes "gradual policy rate reductions" with "no urgency"Neutral rate "may be rising" and estimates around 3% remain "uncertain"The market continues to price a high chance of a June rate cut (70%) but Fed officials don't see it, at least not yet.
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